Less than a year after it raised $170 million, Flutterwave announced the completion of a Series D financing round, making it the highest valued African startup.

Nigerian payment processor Flutterwave announced it has raised $250 million in a Series D round to implement its expansion strategy. The company says it wants to attract new customers in its operating markets in sub-Saharan and North Africa, and continue its growth through mergers and acquisitions, and partnerships.

Flutterwave also plans to develop new innovative products after the series of services launched in 2021, such as the online market Flutterwave Market and the money transfer platform Send.

“We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team, and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world,” commented Olugbenga Agboola, CEO of Flutterwave, following the fundraising.

Before this recent investment, Flutterwave had raised $170 million in Series C funding in March 2021, becoming an African unicorn, the third in the financial sector. From 2016 to 2020, Flutterwave claims to have processed more than 200 million transactions worth over $16 billion in 34 African countries. The fintech also says it has tripled its customer base to 900,000 businesses worldwide. Its valuation has more than tripled since its last funding round in March 2021.

Fintech companies remain the most funded, and African tech continues to grow with over $5 billion in funds raised in 2021, according to Sherif Makhlouf, Managing Director of consulting firm Boost.

Chamberline Moko